As businesses experience growth, the ability for fraud and error to occur increases. Having sound financial controls will ensure that the business can manage with a reduced risk of the fraud or error occurring.
The more personnel involved in the business for ordering, data processing and payment can open opportunities for employees to commit fraudulent or erroneous transactions.
Sound financial controls and processes will reduce this risk, which is difficult to eliminate completely.
Our audit experience in testing controls ensures that we have the experience to design appropriate controls in your business to ensure that you can rest easy knowing that any occurrence of fraud or error is reduced.
Fraud can be perpetrated at any level of the organisation, however this is done more easily at management levels due to the increased levels of delegation of authority.
Segregation of duties is key in helping to deter fraud and error from occurring due to the fact that it forces a situation where collusion between two ore more parties is required.
Regular review of management reports will also act as a deterrent as closer attention is being paid to the financial records.
If you have concern with the financial processing environment, contact us for more information on how we can help set these controls and processes up.